Please find attached a copy of the report filed by Promoters of the Company with SEBI as per the captioned subject.
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Awaiting price reaction for this filing.
Three promoters of Ovobel Foods — M P Satish Babu, Sukanya Satish, and M S Sharad — together acquired 20,24,000 equity shares (21.30% of the company) from fellow promoter Syed Fahad on 13 March 2025 at Rs 63.51 per share in an off-market transaction. The deal was carried out under Regulation 10(1)(a)(ii) of SEBI's Takeover Regulations, which exempts inter se transfers among existing promoters (each named as promoter for at least 3 years) from the mandatory open offer requirement. After the acquisition, the three buying promoters hold 30.09%, 20.45%, and 17.88% individually, totalling 68.42% as acquirers and persons acting in concert (PAC). The report notes that this acquisition, combined with prior holdings, would have triggered Regulation 3(1) (crossing 25%) but is exempt due to the promoter-to-promoter nature. Total promoter group holding remains roughly unchanged at ~68.78% since it is an internal redistribution, not a change in promoter control.
Minimal impact for public shareholders — this is merely a reshuffle of shares among existing promoters, so overall promoter control and public shareholding are unaffected. No open offer obligation arises due to the inter se promoter exemption.